ScanSource (SCSC) Stock Rating Lowered by BidaskClub

BidaskClub lowered shares of ScanSource (NASDAQ:SCSC) from a buy rating to a hold rating in a research report report published on Saturday, September 15th.

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of ScanSource from a buy rating to a hold rating in a report on Friday, August 31st. Raymond James boosted their target price on shares of ScanSource from $44.00 to $47.00 and gave the company a buy rating in a research note on Wednesday, August 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $46.00.

Shares of NASDAQ:SCSC traded down $0.11 during midday trading on Friday, hitting $37.52. 55,700 shares of the company’s stock were exchanged, compared to its average volume of 101,706. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.92 and a quick ratio of 1.08. The company has a market cap of $1.02 billion, a PE ratio of 12.06 and a beta of 0.83. ScanSource has a 12 month low of $31.40 and a 12 month high of $45.35.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, August 28th. The industrial products company reported $0.77 earnings per share for the quarter, hitting the consensus estimate of $0.77. ScanSource had a net margin of 0.86% and a return on equity of 9.23%. The business had revenue of $993.90 million for the quarter, compared to analysts’ expectations of $974.20 million. During the same period in the previous year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities research analysts expect that ScanSource will post 3.56 earnings per share for the current fiscal year.

In related news, CEO Michael L. Baur sold 13,747 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $44.00, for a total transaction of $604,868.00. Following the sale, the chief executive officer now owns 49,446 shares of the company’s stock, valued at approximately $2,175,624. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gerald Lyons sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $44.00, for a total transaction of $26,400.00. Following the sale, the chief financial officer now directly owns 12,937 shares in the company, valued at approximately $569,228. The disclosure for this sale can be found here. 2.35% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of ScanSource by 12.8% during the 2nd quarter. BlackRock Inc. now owns 4,127,282 shares of the industrial products company’s stock valued at $166,329,000 after purchasing an additional 469,872 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of ScanSource by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,159,164 shares of the industrial products company’s stock valued at $76,758,000 after purchasing an additional 13,713 shares during the last quarter. Northern Trust Corp grew its holdings in shares of ScanSource by 0.5% during the 2nd quarter. Northern Trust Corp now owns 761,431 shares of the industrial products company’s stock valued at $30,686,000 after purchasing an additional 4,138 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of ScanSource by 12.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 376,540 shares of the industrial products company’s stock valued at $15,175,000 after purchasing an additional 41,980 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in shares of ScanSource by 2,721.3% during the 1st quarter. Summit Trail Advisors LLC now owns 199,836 shares of the industrial products company’s stock valued at $200,000 after purchasing an additional 192,753 shares during the last quarter. 93.97% of the stock is currently owned by hedge funds and other institutional investors.

About ScanSource

ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).

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